As a business owner, you work countless hours to build on the success of your company. But have you thought about what would happen if you or another key employee was no longer in the picture?
Creating a strategy for what happens to your business if you were suddenly unable to be there is essential to continuing its stability and growth.
Strategies such as buy-sell arrangements can facilitate the transfer of a business upon a certain event, including death, disability or retirement.
Key person protection
If a key contributor to your business dies, will your business suffer financially? The death of one of your key employees could cause serious problems to your company, such as lost sales, lower earnings and added costs for hiring and training a replacement.
With key employee life insurance, your company purchases and owns life insurance on the life of an important employee. The policy provides a death benefit that helps cover unexpected costs after losing a key employee.
Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.